October 31st is nearly here. Are you on top of your tax returns?

October 31st is fast approaching. If you haven’t already filed your tax return for the 2016 tax year it’s time to get organised. For most the 31st October typically means fancy dress, parties and fun but if you are self employed it has a very different, much less enjoyable meaning. Unfortunately, the responsibility of filing your tax return is a reality of being your own boss. Perhaps you are worried that you have left your tax return until the last minute or are concerned that you may make a mistake on your return. By following our straightforward advice, you can make the process as painless as possible. ***For those who would prefer to have the reassurance that their tax return is completed on time and with 100% accuracy Greavy & Co Accountants are offering early morning and late evening consultations during the month of October with a 24 hour turnaround service available.  Call us now on 01 602 4720 now to find out more.***   How to submit your tax returnForm 11Form 11SROSTax return deadlines 2017Passed deadlinesUpcoming deadlinesWhat charges do tax returns cover?Income TaxPay Related Social Insurance (PRSI)Universal Social Charge (USC)Tax-deductible expenses and tax creditsTax-deductible expensesTax creditsLate tax return penaltiesTax return mistakesAdditional income to considerTax return checklistTax return experts How to submit your tax return This section covers your three primary submission options: Form 11 Form 11 is the document traditionally used by self-employed individuals and partnerships to file a tax return. This form contains all the relevant fields to log your income as well as any exemptions, tax credits or other deductions. If this form applies to you, you should have received a paper version. Form 11S Form 11S is an abridged version of Form 11 that is dispatched to individuals who aren’t required to log as many details. Page Break ROS You are also eligible to apply to file your tax return digitally by applying to use the Revenue Online Service (ROS). Successful applicants can administer the entire process online and are given approximately two weeks’ extra time in which to submit their documents. The deadline for submitting your Irish Tax Returns online is the 14th November 2017. Tax return deadlines 2017 Here is an overview of the key deadlines for filing your tax returns in 2017: Passed deadlines These deadlines have already lapsed. However, being aware of and sticking to these dates may help you next year. 31st March: Collate all relevant financial documents (purchases/sales invoices, bank statements and receipts). The earlier you get it in the better as you can plan forward for any tax bill. 31st August: Early submission target/deadline for avoiding self-assessment panel Upcoming deadlines These deadlines are coming soon and will depend on whether you intend to submit a paper-based tax return or utilise the Revenue Online Services (ROS). Whichever method you choose, you should have filed your tax return, paid your outstanding balance, submitted your self-assessment and paid preliminary tax for the current year by the relevant deadline. 31st October: Income tax return […]

Time to evaluate your accountant.

Is it time to question the service you’re getting from your accountant? It’s that time of year. Plans are being made, budgets fussed over and suppliers evaluated. How has 2013 been for your business? Has it been a successful year or do you feel your business could have achieved more? Who has been driving your company in 2013 and how can you achieve better results in 2014? I believe that as an accountant and trusted advisor to my clients it is my duty to ensure their business is running as efficiently and effectively as possible. Most entrepreneurs and owner/managers work very hard for their business. I like to make sure that their business works very hard for them also. You deserve it. So is your business getting the attention and value it deserves from your accountant. I’ve compiled a list of questions to ask of yourself. And remember, if overall you do not feel that the answers you get are not favourable then talk to your accountant first. Oftentimes things can be worked on and improved. It may be a simple case of cross wires in terms of expectations. How often do you see your accountant? Does your accountant ever volunteer information which may benefit your business? Do you have to week several days for an ‘appointment’ to speak with your accountant? Does your accountant have an in depth knowledge of your business and it’s financial affairs or does he need to refer to another? Do you get the impression that you are small fish for your accountant? Do you only hear from your accountant when fees are due to be paid or when the year end company accounts are being finalised? Does your accountant have a high staff turnover? Do you ever feel like your accountant is on the side of the Revenue Commissioners? Having a dedicated and proactive financial partner for your business could make a massive difference to your company’s growth potential and bottom line in 2014 so don’t be frightened to question the service you are getting.  

How to choose the right accountant for your business

So you’ve decided you need to change accountants for whatever reason or perhaps you’re new in business and selecting an accountant is one of your first tasks in bringing your system together. How do you make sure you choose an accountant who is the right fit for you. 1. Shop around Most accountancy practices in dublin and throughout Ireland offer free consultations so take advantage and meet with as many accountants as possible to get a good feel for what is on offer, at what cost and importantly, who you click with. At Greavy and Co we place alot of importance on this first meeting. It’s equally as importnat for the accountant to feel that they can offer value to the client.  2. Make sure you fit their target client profile As with any service you engage with for your business make sure you are never the smallest or the largest client they have. There  are pitfalls to both. Ask about their average client profile – industry, size of company, turnover, etc. Ideally find an accountant whose typical client profile matches your business 3. Who will be in charge of your accounts Make sure you are also meeting with the person(s) who will deal with your accounts.  It is most likely that these will be the people you will be in contact with the most. Make sure you think they are people you can deal with. 4. Is there a potential conflict of interest Are any of their other clients, friends or family major competitors of yours. Avoid any possibility of compromising your inner circle information, even if unintentionally. 5. How flexible are they? Do you need to make an appointment a week in advance to speak with someone about your accounts? Do you have to have all your receipts and invoices in by a certain date for year end accounts? Can you work within their restrictions? If you need any further information pick up the phone and call us today. Greavy and Co are conveniently located on Baggot Street in Dublin 2.

Tax Deductible Expenses

Have you allowed for every possible tax deductible expense? Or do you feel you might have overpaid on your previous years returns? Don’t miss out on money owed to you. Make sure you are familiar with all your tax deductible expenses. You may be due a tax refund if you: Had medical or dental expenses Rented accommodation Paid tuition fees Overpaid the income tax levy or USC Your employer pays for all or part of your medical insurance Are a member of a trade union Only worked for part of the year or had more than one job Are self-employed and had work-related expenses Paid bin and water charges Overpaid your PRSI Are you unsure as to what expenses you can claim when filing your taxes or do you think you might be due a tax refund then please call us on 01 602 4767 and we can help clarify things for you. ***Evening & weekend appointments available throughout October and early November.***

Income Tax Return Deadlines

The deadline for all Tax Returns in 2015 is the 31st  October 2015.  If you are completing your return online the extended deadline is 15th November. You have until these dates to File your Form 11 Self-assessment Income Tax return  for 2014 Pay any outstanding Income Tax liability you may have for 2014 Pay Preliminary Tax liability for 2014 File your 2014 Capital Gains Tax Return. File your Capital Acquisitions Tax Return and pay and outstanding tax liability if you received a Gift or Inheritance between 1st September 2012  and 31st August 2014. Pay Domicile Levy  and file a Domicile Levy Form DL 1 tax return. Make a backdated RAC, AVC and PRSA pension payment to claim tax relief for 2013. If you are unsure as to whether you need to file an Irish tax return this year please give us a call on 01 602 4767 so we call help clarify your tax position for you. You can also click on this page for more information on our tax services.